Cathie Wood-led Ark Invest added more Tesla Inc (NASDAQ: TSLA) stock to its portfolio on Wednesday, raising its exposure to the electric vehicle maker for the third time in a row this week.
Ark Invest bought 1,343 shares, estimated to be worth $884,768, in Tesla on Wednesday.
Shares of the Elon Musk-led company closed 4.8% higher at $658.8 on Wednesday, but are down 45% so far this year.
Tesla shares have been under intense pressure ever since China introduced extensive three-week lockdowns, including production halts at Giga Shanghai.
See Also: How To Buy Tesla (TSLA) Stock
Investors have also been wary after Musk first revealed a significant stake in Twitter Inc (NYSE: NYSE:TWTR) and later a bid to take the company private for $44 billion. The deal is currently on hold as Musk is waiting for more clarity and proof from the social media company on the number of bot (fake) accounts.
Some analysts view the uncertainty over the deal as contributing to the stock’s weakness.
See Also: Cathie Wood Laps Up $16M In Tesla, Marking 2nd Straight Buy As Stock Slumps Another 7%
St. Petersburg, Florida-based Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF (NYSE: ARKK), Ark Autonomous Technology & Robotics ETF (NYSE: ARKQ) and Ark Next Generation Internet ETF (NYSE: ARKW).
The three ETFs held 1.30 million shares worth $817.7 million in Tesla before Wednesday’s trade.
The value of Tesla holdings that Ark Invest owns has shrunk by more than half since the beginning of the year.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga